Regardless of whether you are born with a little or a lot of money, people, including kids, who understand how to manage it, earn it and trade for it typically do better in life.

People with great money habits are also better positioned to help others.

Mother Teresa understood this. She did not advocate people come to Calcutta to save the world. She advocated people start with themselves by focusing on becoming self-sustaining and working outward from there.

Conversely, people with poor money habits and a lack of financial knowledge tend to do worse.

2. Financial habits start early and can last a lifetime.

This is going to stagger some, but a recent University of Cambridge study revealed adult financial habits are formed prior to age 7.

I have more than 12 years of experience in early age financial education. I have talked to more than a quarter of a million children.

This leads me to believe the study is on the money.

It also happens to be consistent with the vast majority of other research on early age education regardless of the subject.

Hopefully, the recent subprime lending debacle, rising youth credit card debt and a general lack of savings at all age levels has taught us poor money habits can reek havoc and devastate lives, particularly young lives.

“Reversing bad habits is more

difficult than maintaining good ones.”

3. Children are easily impressionable.

Children are inundated from birth with financial messaging overwhelmingly related to consumption.

In other words, whether you like it or not, youth financial education is taking place. It just is not necessarily the kind of financial education you may want your child to have.

4. Kids can influence financial decision-making.

Kids of all ages have access to and influence over an enormous amount of financial decision-making.

They can influence financial decision-making, even though most do not earn money or know little about it.

Sam Renick is an award-winning financial educator, children's author, songwriter and social entrepreneur. Sam has spent more than 12 years in the field of early financial literacy with his star character, Sammy Rabbit, teaching great money habits to more than a quarter of a million children in nearly 40 states and in eight countries. Sam and the social enterprise he founded, "It's a Habit", are in the process of launching a first of its kind, free, online, early age financial education program that is music driven. You can more information on Sam, Sammy Rabbit and their new program at Sammy's Save & Song Club.

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